Monday (May 13th) is the day for the scheduled online auction that will determine future ownership of the Danville Village Mall. Mall owner AZT Corporation is offering the property via auction in three different entities. The portion that includes County Market, Dunham’s Sports, Pet Supplies Plus, and Ross Dress for Less is being offered with minimum bid of $1.75 million. However, the southwest parking lot, as well as the remainder of the mall structure, are being offered “absolute auction” style, meaning the highest bid wins no matter what it is. And the minimum opening bid on both of the latter two entities is just $1.
Mayor Rickey Williams, Jr and the City of Danville sent out their latest statement about this on May 3rd, expressing extreme concern about the future of the Village Mall properties, and hoping the new owners will have a positive plan.
Vermilion Advantage CEO Mike Marron says both the city and Vermilion Advantage have been talking and exchanging ideas with some prospective bidders. But all that can be done once the auction begins is hope one of the parties they talked to comes out on top.
AUDIO: I feel really good about the cooperation we’ve had between the city and Vermilion Advantage and some other community leaders. Obviously we’re not going to know what happens until the auctioneer’s gavel hits on Monday. But I’m hopeful that it’s going to turn out the right way.
The online auction will take place under the supervision of transitional retail broker Riser Retail Group, along with online marketplace for commercial and residential real estate Ten-X. Information is available at loopnet.com.
ORIGINAL STORY: https://vermilioncountyfirst.com/2024/04/09/village-mall-up-for-auction-three-separate-entities-two-of-them-for-just-one-dollar-opening-bid/
